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2011 Component Unit Year-End Reporting Memorandum

Overview

This document provides guidance for the preparation and submission of Component Unit and Related Organization financial statements and other financial data.

Component Units

Component Units are legally separate public corporations and agencies for which the elected officials of the Commonwealth are financially accountable. In addition, component units can be other organizations for which the nature and significance of their relationship with the Commonwealth are such that exclusion would cause the Commonwealth's financial statements to be misleading or incomplete. The Commonwealth is required to incorporate the financial data of all component units in its financial statements.

Related Organizations

Related Organizations are organizations or entities for which the elected officials of the Commonwealth are accountable because they appoint a voting majority of the board, but are not financially accountable. The Commonwealth is required to disclose the nature of its accountability for related organizations in the notes to the financial statements.

Procedures

The Reporting Procedures for Component Units are available in their entirety in PDF format.

• 2011 Component Unit Year-End Reporting Memorandum [PDF]
• Individual Attachments and Instructions
• 2011 Year End Reporting Requirements and Attachment Instructions in one file [PDF]

Authoritative Guidance and Other References

The following authoritative guidance and other references are designed to aid the preparer in completing the Year End Reporting Requirements for Component Units.

• Authoritative Guidance and Other References [PDF]
• 2011 GASBS No. 48 Commonwealth of Virginia Intra-Entity Reporting List [Excel]
• Glossary [PDF]
• Special Instructions for Specific Entities Electing to complete Attachment CU4 in place of Attachments CU6 through CU15
  • A. L. Philpott Manufacturing Extension Partnership [PDF]
  • Danville Science Center, Inc. [PDF]
  • Hampton Roads Sanitation District Commission [PDF]
  • Library of Virginia Foundation [PDF]
  • Science Museum of Virginia Foundation, Inc. [PDF]
  • Virginia Biotechnology Research Partnership Authority [PDF]
  • Virginia Commercial Space Flight Authority [PDF]
  • Virginia Horse Center Foundation [PDF]
  • Virginia Resources Authority [PDF]

• DOA Training
  • Directive Training - Component Unit Year-End Reporting Memorandum
  • Directive Training - Federal Schedules (Specific guidance on the preparation of the Federal Schedules: Directive Attachment 15 for state agencies, Attachment HE-7 for higher education institutions, and CU-5 for component units)

If you have questions or comments regarding the Year End Reporting Procedures for Component Units and Related Organizations, contact John Sotos, Assistant Director - Financial Statements, or Susan Jones, Acting Assistant Director - Financial Statements, or Sharon Lawrence, Director, Financial Reporting.